Payoff Plan: $15,000 in 48 Months
Debt Balance
$15,000
Payoff Target
48 months
Required Monthly Payment by Interest Rate
0% (no interest)
$313/mo
6% APR
$352/mo
+$1,896 interest
12% APR
$395/mo
+$3,960 interest
18% APR
$441/mo
+$6,168 interest
24% APR
$489/mo
+$8,472 interest
29.99% APR
$540/mo
+$10,920 interest
Debt Payoff Strategies
Avalanche method: pay minimums on all debts, throw extra money at the highest-rate debt first. Mathematically optimal — saves the most interest. Snowball method: pay off smallest balances first for psychological wins. Research shows snowball leads to better follow-through for most people despite costing slightly more in interest.